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Trading Psychology Event _ Learn to Think Like the 1% _ Part 4
Mr Shaw Official
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3 months ago
#forextrading
#cryptotrading
#stockstrading
#fundamentalanalysis
#technicalanalysis
#psychologicalanalysis
#marketanalysis
#marketupdate
#earnonline
#onlinetrading
#forextrading #cryptotrading #stockstrading #fundamentalanalysis #technicalanalysis #psychologicalanalysis #marketanalysis #marketupdate #earnonline #onlinetrading
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Learning
Transcript
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00:00
so let's take a trip down memory lane about trading you see when I started trading you
00:15
are enjoying the DAX and the FTSE and currencies at extremely tight spreads back then when I traded
00:22
do you know what the spread was in the Dow intraday you know you can trade the Dow at a
00:28
one one and a half point spread do you know how much I had to pay in spread in 2000 2001 when we
00:35
started trading that any any takers eight points someone has done their homework yes intraday you
00:44
paid an eight point spread can you imagine trying to make a living trading the Dow with an eight point
00:51
spread intraday and if you wanted a quarterly contract you had to pay a 16 point spread and
00:56
euro dollar which is today trading I don't know what CMC spread it was but it's probably about
01:00
a point five point six there about back then we paid free pull full points to get into euro dollar
01:06
and dollar yen was a five points I mean this was this was you you're you're thinking holy smoke how
01:13
did you how did you not blow up immediately we did blow up immediately because we paid all our money
01:18
away in commission and spread but not only that we don't have access to what you have access today
01:24
I heard I think it was his name is Ed he was talking about that with CMC markets you have
01:29
patent recognition programs you will have news you will have level two data you will have extremely
01:35
tight spreads we didn't even have any of that I spoke to an old colleague of mine who I used to work
01:40
with in city index and we discussed when did city index actually get their charting packets and we
01:46
agreed it was probably around 2005 that we actually got a fully working charting package
01:51
yeah can you imagine trading with a broker today that doesn't have a charting package no of course
01:57
not yet even though that you have far better spreads you have access to news you have access to data
02:04
you have access to patent recognition programs that tells you it's a double top or double button or head
02:08
and shoulders and a wedge and a pennant etc and a flag even though that you have access to
02:14
way more information in any shape or form
02:19
can you trade
02:23
no
02:25
you're losing as disastrously as we did 20 years ago
02:31
and so with the greatest of respect to CMC market
02:34
but you're not going to become the trader you want just because your relationship manager at CMC markets
02:40
is a great guy a girl nor are you going to become a trade great trader because the CMC market platform is great and award-winning
02:48
I don't care if it's NASA themselves that has designed the trading platform won't make a blind bit of difference to your long-term results
02:56
until you learn to think differently
02:59
so what's normal behavior when you get into trading oh let's do some let's do one of those weekend courses with one of those gurus you know
03:06
oh he's
03:07
talks so elegantly and he's really good looking and his smile is from here to here
03:11
I want a bit of that
03:12
surely he must know no one can be that good looking and not know what they're talking about
03:18
I'm gonna learn about candlesticks
03:20
I'm gonna learn about RSI
03:22
MACD RSI
03:23
oh have you heard about that Bollinger band it is amazing
03:27
what's that Fibonacci thing
03:30
a ratio for every season 38% 50% 61% 78.6% 88.4%
03:38
you ever heard about the secret ratio of 94.6%
03:41
it's just between you and I and 2,000 pounds of your money thank you very much
03:45
unfortunately it's still not going to make you a penny
03:50
am I annoying you now
03:52
are you bored are you thinking I want technical analysis
03:56
I don't want to be told that I am rubbish at this
03:59
but you are
04:00
statistically speaking you are doing what everyone else is doing
04:08
and if you continue to do so you are just going to continue with the inevitable
04:14
and I would like to give you an opportunity to get off that path
04:19
and start thinking differently
04:20
see this book here it's called the Bible of technical analysis
04:24
not the King James Bible for Christians
04:26
but the Bible for technical analysis
04:29
Richard
04:30
sorry written by Edwards and McGee
04:32
were Edwards and McGee traitors?
04:36
ladies and gentlemen
04:37
were Edwards and McGee traitors?
04:40
no they were not traitors
04:42
they were journalists
04:43
more than a million copies of this book has been sold
04:48
normal leads to broke
04:52
following what the brokers are saying
04:55
not their advice
04:56
and the brokers
04:58
they're well-meaning
04:59
they want you to do well
05:01
why does a broker want you to do well?
05:03
well hell
05:03
the better you do
05:04
the more you're going to trade
05:05
the more you're going to trade
05:06
the more commission you're going to place
05:07
it's logic
05:09
of course the brokers want you to do well
05:11
CMC included
05:13
I'm not knocking CMC
05:14
but CMC are not traders
05:16
IG is not traders
05:17
CD Index is not trading
05:18
Gain Capital is not traders
05:19
they are not the ones
05:21
where you should be getting your guidance from
05:23
sure
05:24
by all means
05:25
learn about technical analysis
05:27
but technical analysis
05:29
has never made anyone anything
05:30
you're not going to get rich
05:33
from trading
05:34
by learning technical analysis
05:36
in short
05:37
your problem is not
05:39
that you don't know enough
05:40
about technical analysis
05:41
will you trust me on this?
05:44
that you don't need
05:46
any more technical analysis
05:47
you need a serious review
05:50
of how you think
05:52
when you're trading
05:53
so let's try with that
05:55
my argument is
05:57
that if 80-90% of people
06:00
are losing
06:00
when they're trading CFDs
06:02
this is not a broker problem
06:04
this is a human problem
06:06
and particularly
06:07
I think I mentioned it before
06:09
I believe that those 80-90%
06:11
are perfectly rational people
06:14
intelligent
06:15
good looking
06:16
smiling
06:17
good moms
06:19
good dads
06:19
good students
06:20
good everything
06:21
they're just rubbish traders
06:23
because they haven't learned
06:23
to think properly
06:25
they haven't learned
06:26
to deal with fear
06:27
so what I would like to do
06:28
what I would like to propose
06:29
is if everyone's normal
06:31
please show me
06:32
what not normal looks like
06:34
please show me
06:35
what a 10% trader
06:36
or 1% trader looks like
06:38
and I suppose
06:39
that's why I'm invited tonight
06:41
so here's a normal person
06:46
according to Google
06:48
how does a normal person
06:51
think?
06:53
well if you ask Rodriguez
06:54
from FXCM
06:55
the broker
06:55
he did a research
06:57
on 25,000
06:58
of their traders
06:59
who had executed
07:01
43 million trades
07:03
over a 15 month period
07:06
here's the shocker
07:07
those 43 million trades
07:10
actually had more winning trades
07:14
than losing trades
07:15
yep
07:16
the FXCM traders
07:18
they were good traders
07:20
they had a hit rate of 62%
07:26
that's not bad
07:27
the problem is
07:29
that when they won
07:30
they won on average
07:31
48 points
07:32
this is all trading currencies
07:34
but when they lost
07:35
they lost 82 points
07:37
you see
07:40
if this had been
07:41
an analysis of my trades
07:44
or your trades
07:45
eh we could say
07:47
well you probably had a bad week
07:48
or a bad month
07:49
but when you investigate
07:51
25,000 people
07:52
and their behavior
07:53
it's no longer bad luck
07:56
that's a sample space
07:58
that is worthy
08:01
of an investigation
08:02
and if it had been
08:03
a couple of trades
08:04
10 trades
08:05
100 trades
08:05
you can argue
08:06
well it's a small sample space
08:07
but 43 million trades
08:09
of which the majority
08:11
of them were executed
08:12
in Eurodollar
08:12
one of the most
08:14
liquid instruments
08:15
globally
08:16
that's a pattern
08:18
I am
08:23
proud to say
08:25
that I have
08:25
written a book
08:27
that will be published
08:28
next year
08:28
I received an email
08:30
back from the publisher
08:31
to say
08:32
it's excellent
08:33
well that's good news
08:34
actually a word of warning
08:36
to those of you
08:37
who like to write a book
08:38
writing a book
08:39
for me was
08:40
an incredibly
08:41
cathartic
08:42
exercise
08:43
I had something
08:44
that was just
08:45
boiling up inside me
08:46
like Vesuvio
08:47
and it just exploded
08:48
down on paper
08:49
and I just wrote
08:50
and wrote
08:50
and wrote
08:51
for two months
08:51
before I knew it
08:52
I'd written 60,000 words
08:54
and 200 pages
08:55
but they never tell you
08:57
those publishers
08:58
that writing a book
09:00
is actually only
09:01
half the battle
09:02
then comes the editing it
09:03
and then you have to do
09:04
this and that
09:05
and before you know it
09:06
you're beginning to regret
09:07
you ever wrote
09:07
the damn thing
09:08
but the titles
09:10
in themselves
09:11
is telling a lot
09:13
about my mindset
09:14
normal is a loser
09:16
show me pain
09:17
do you have a trading
09:18
philosophy
09:18
everyone's a chart expert
09:20
everyone knows charts
09:22
to be continued
09:26
in March next year
09:26
I've been told
09:27
so on the face of it
09:30
I was interviewed
09:31
by CNN in 2005
09:32
and they wanted to know
09:34
how do your traders
09:36
your clients trade
09:38
and I said
09:39
well
09:39
the problem with
09:41
and at that point
09:42
I'd only worked there
09:43
five years
09:44
I have another
09:45
five years of experience
09:46
since then
09:47
God it's horrible
09:50
to look at yourself
09:51
15 years ago
09:51
and think
09:52
oh geez
09:52
I wish I looked like that
09:53
people love
09:56
to find the low
09:57
in a bear trend
09:58
people love
10:00
to find the top
10:01
in a bull trend
10:02
there were people
10:04
when I walked in here
10:05
saying
10:05
when do you think
10:06
the crash is coming
10:07
what crash
10:08
I don't know
10:10
if there's a crash coming
10:11
what crystal ball
10:12
is it that you're looking at
10:13
because I just see
10:14
a market that keeps
10:15
making all time highs
10:16
sure
10:18
let's talk about a crash
10:19
if the market is in a downtrend
10:20
let's not talk about a crash
10:21
when the market is
10:22
setting at its all time high
10:24
people think
10:27
every reaction in a trend
10:29
is the beginning
10:29
of a new trend
10:30
I would be sitting there
10:32
night after night
10:33
watching the market
10:34
fall or rise
10:35
and our client
10:36
sure as hell
10:37
the moment the market
10:38
just ticked
10:39
in the other direction
10:40
by a little bit
10:41
they would pile on
10:42
as if the trend
10:43
had now changed
10:44
so my argument here
10:46
is that people
10:47
are generally fearful
10:48
when they're hopeful
10:49
and they're hopeful
10:50
when they're fearful
10:51
and I will explain
10:52
that momentarily
10:53
now
10:55
what is normal behavior
10:57
I am letting my
10:59
losses run
11:01
why am I doing that
11:02
what am I telling myself
11:04
well I'm telling myself
11:05
that I hope
11:06
that this market
11:07
is going to turn around
11:07
but the real reason
11:08
is
11:09
I would like to avoid pain
11:11
we have a brain
11:13
which is millions of years old
11:15
and it has one
11:16
primary function
11:18
that is to keep you alive
11:19
at all costs
11:20
and by the way
11:21
also
11:22
love to make sure
11:23
that you never experience
11:24
any pain
11:25
some people
11:26
in particular psychologists
11:28
refer to this
11:29
as the ego
11:30
it wants to make sure
11:31
that you maintain
11:32
your ego preservation
11:33
your state of mind
11:35
where everything is rosy
11:36
and good
11:36
so you'll do anything
11:38
to avoid pain
11:40
not you
11:41
but this thing
11:42
up here
11:43
and it doesn't matter
11:44
what scenario
11:45
I throw at you
11:46
I'm letting my loss run
11:48
because the intercase
11:48
says so
11:49
or the Fibonacci
11:50
says so
11:50
but actually
11:51
you want to avoid pain
11:53
I'm taking my profits
11:56
because hey
11:57
you can't go broke
11:59
from taking a profit
12:00
still
12:01
it's still you
12:02
avoiding pain
12:03
why
12:03
well because you
12:04
hate the idea
12:06
that the market
12:08
is going to take back
12:09
some of your profits
12:11
in a moment
12:12
I'm going to show you
12:13
one of my charts
12:14
after the fact
12:16
not with
12:17
I bought here
12:18
I sold here
12:18
but how much I made
12:20
and how much I lost
12:21
I am winning
12:24
so I'm reducing
12:25
my stake size
12:26
why would you do that
12:28
well because I want
12:28
to take it easy now
12:29
nope
12:30
you want to avoid pain
12:31
you can't bear the fact
12:33
that you made
12:34
400 pounds for the day
12:35
and God forbid
12:36
that those 400 pounds
12:39
would disappear
12:39
let me ask you
12:40
a different question
12:41
I'm just going to come out
12:42
here on the floor
12:42
for a second
12:43
because I'm tired
12:44
of standing there
12:44
imagine that you made
12:46
a thousand pounds
12:47
on the day
12:48
versus you lost
12:49
a thousand pounds
12:50
on the day
12:51
who is most likely
12:53
to carry on trading
12:54
the person that
12:55
have made a thousand pounds
12:56
or the person
12:57
that have lost
12:58
a thousand pounds
12:59
the person
13:01
who has lost
13:02
a thousand pounds
13:03
is far more likely
13:04
to carry on trading
13:05
because God forbid
13:07
that he carries on
13:09
that pain
13:09
into the night
13:10
and he will do
13:11
anything to get rid
13:13
of that pain
13:14
but when he's made
13:16
a thousand pounds
13:16
he'll do anything
13:17
to protect that
13:18
because it feels
13:18
so good
13:19
to have made
13:20
a thousand pounds
13:21
so I don't want
13:21
to jinx it
13:22
I could carry on
13:32
and on and on
13:33
I think you should
13:33
see it for yourself
13:34
you're more than
13:35
welcome ladies and gentlemen
13:36
to have a copy
13:37
of this presentation
13:38
more than welcome
13:40
if it can help you
13:42
then you can have it
13:43
now
13:46
I've been told
13:47
that I have
13:48
five ten minutes left
13:48
before you have
13:50
a well-deserved break
13:51
and some food
13:51
so let's carry on
13:53
this for the next
13:53
ten minutes or so
13:54
you'll be happy
13:55
to know that I'm
13:56
on slide 48
13:57
out of 157
13:58
it doesn't bode well
14:00
for the second half
14:02
does it
14:02
did you have plans
14:03
on going home
14:04
then you may want
14:05
to call the people
14:06
at home saying
14:07
might be a little late
14:09
people are fearful
14:11
when they're hopeful
14:12
and they are hopeful
14:14
when they should be fearful
14:15
what do I mean by that
14:17
imagine you are sat
14:18
in a position
14:19
that is making you
14:20
the aforementioned
14:21
a thousand pounds
14:22
you're no longer
14:23
hoping that that
14:24
thousand pounds
14:25
is going to turn
14:25
into two thousand pounds
14:26
or three thousand pounds
14:28
no
14:29
you're fearful
14:30
that thousand pounds
14:31
is going to be
14:31
taken from you
14:32
and if you are losing
14:33
a thousand pounds
14:34
you're most likely
14:36
going to sit there
14:37
and thinking
14:37
wouldn't it be great
14:39
if this position
14:40
turned around
14:40
you're not
14:41
you're not fearful
14:42
that that position
14:43
is going to get
14:44
even worse
14:44
you're hopeful
14:45
that it's going
14:46
to turn around
14:47
and if you want
14:48
to have a fighting
14:49
chance
14:50
of making the markets
14:51
your ATM machine
14:53
and this is not a sales pitch
14:54
it's a bit of a cliche
14:55
I admit that
14:56
but if you want
14:57
to have a fighting chance
14:59
of making the markets
15:00
the place where
15:01
you take money out
15:03
on a fairly regular basis
15:04
you need to turn
15:05
this around
15:06
how are you going
15:07
to turn around
15:07
well I have my own ideas
15:09
so let's take a look
15:10
at not so normal
15:11
let's take a look
15:12
at how I operate
15:14
and people who are
15:16
what we call
15:16
the one percent
15:17
rather than talking
15:21
about me
15:21
which is something
15:22
I'm not that good
15:24
at doing
15:24
I prefer to throw
15:26
the attention
15:26
to some truly
15:28
great traders
15:29
one in particular
15:32
is someone
15:33
who I wish
15:34
I could have met
15:35
but he's no longer
15:35
with us
15:36
his name was
15:36
Charlie D
15:37
an excellent book
15:39
called Charlie D
15:40
the legendary bond trader
15:42
is something
15:43
you can buy
15:44
through Wiley
15:44
here he says
15:47
the time you know
15:48
you've become
15:49
a good trader
15:50
is that day
15:52
you're able to win
15:54
by holding on
15:55
to a winning position
15:56
and rather than
15:58
taking half profits
15:59
you're adding
16:01
to your winning position
16:02
rather than beginning
16:04
to think
16:05
where should I get out
16:06
you're beginning
16:07
to think
16:07
how can I get
16:08
deeper in
16:09
how can I commit
16:11
more
16:12
he says
16:14
and he is a floor broker
16:15
sorry a floor trader
16:16
at Chicago Border Trade
16:17
he says
16:18
there are many people
16:19
in here
16:20
in the pit
16:20
that have traded
16:22
for a long time
16:23
who have never
16:24
added to a winning position
16:26
have any of you
16:27
ever added to a losing trade
16:29
sure we have
16:30
oh of course
16:31
we've added
16:32
you know
16:32
you bought at 20
16:33
and then it goes down
16:34
to 10
16:34
you're thinking
16:34
it looked good at 20
16:36
it looks even better at 10
16:37
but how many of us
16:39
have bought at 20
16:40
and then bought more
16:41
at 30
16:41
and bought more
16:42
at 40
16:43
and bought more
16:44
at 50
16:44
now the raised hands
16:46
are becoming few
16:47
and far between
16:48
sure there will be people
16:49
who have done it
16:50
and good on you
16:51
but it's very difficult
16:53
emotionally
16:54
to add to a winning trade
16:56
it's a lot easier
16:57
to add to a losing trade
16:58
because hey
16:58
you feel like
16:59
you're getting a bargain
17:00
you feel like
17:01
you're buying something
17:02
which is cheap
17:03
and hey
17:04
when we started
17:06
learning about trading
17:08
what were we told
17:09
we were told
17:11
buy low
17:13
and sell high
17:14
quite possibly
17:16
the most expensive
17:18
piece of advice
17:19
ever dished out
17:20
in the history
17:21
of mankind
17:23
because every single time
17:24
I bought low
17:25
it always went lower
17:26
and every single time
17:28
I tried it to short high
17:29
it always seemed to know
17:30
that I was in
17:31
and it would go even higher
17:32
no I prefer to
17:35
buy high
17:36
and sell even higher
17:38
and I sure do like
17:40
to sell short low
17:41
and cover even lower
17:43
so Charlie D goes on
17:46
to say that
17:46
it's in our human nature
17:48
to want to cut
17:50
our winnings
17:51
you bought at 6
17:53
and you can get out
17:54
at 7
17:54
get me out
17:55
I'll take that profit
17:57
that's just human nature
18:02
that's who we are
18:04
so he says
18:06
if you want to be
18:07
really good at this
18:08
you need to accept
18:10
that everything you do
18:12
when you're profitable
18:13
hurts
18:14
it feels uncomfortable
18:17
if you're in a position
18:19
and it doesn't feel uncomfortable
18:20
you're probably not
18:22
betting big enough
18:23
I want to repeat that
18:28
when you're a good trader
18:29
everything you do
18:30
hurts
18:31
and I'm not talking about
18:32
a smack in the hand
18:33
kind of hurts
18:34
or a smack in the bottom
18:34
kind of hurts
18:35
but
18:36
if it doesn't feel
18:38
uncomfortable
18:38
you're probably not
18:40
pressing the position
18:41
big enough
18:42
here's a snapshot
18:46
from an open trade
18:48
this is equating
18:49
to being
18:50
100,000 pounds
18:51
and profit
18:51
this
18:53
is not the result
18:55
of normal thinking
18:56
you see
18:57
what I'm doing here
18:58
is
18:59
see if I
19:01
can navigate
19:02
this gizmo
19:03
I'll just stand
19:05
over here
19:05
my first entry
19:09
the market is trading
19:12
at
19:12
135
19:14
25,135
19:16
but my first entry
19:17
was at
19:17
25,458
19:19
but as the market
19:23
fall
19:23
I keep adding
19:25
to my winning position
19:26
what do most people
19:29
do when they are
19:30
in a winning position
19:31
now I know
19:32
the answer
19:32
because I sat
19:33
and watched this
19:33
for 10 years
19:34
when you are
19:35
in a winning position
19:36
what do you do
19:37
I mean
19:38
humor me here
19:39
take half profit
19:42
nip a little bit more
19:44
move the stop loss
19:45
down so it
19:45
is almost
19:46
meaningless
19:46
to have a stop loss
19:47
because you are
19:48
going to be stopped
19:48
out by the slightest
19:49
move in the other
19:50
direction
19:50
people are great
19:53
at taking half profits
19:54
they are just not
19:56
great at taking
19:57
half losses
19:58
we love to take
20:01
a bit of a profit
20:01
home
20:02
because it feels
20:03
good
20:03
it feels like
20:05
we are doing
20:05
the right thing
20:06
why on earth
20:08
would I risk
20:09
losing some
20:10
of my open
20:11
profits
20:11
you can't go
20:13
broke taking
20:13
a profit
20:14
that is what
20:15
the books
20:17
are telling me
20:17
now
20:19
the amount
20:20
of time
20:20
that I have
20:20
had 10
20:21
or 20,000
20:22
pound
20:23
open profit
20:24
positions
20:24
that will
20:26
then turn
20:26
into a zero
20:27
a countless
20:29
my trading
20:30
philosophy
20:31
ladies and gentlemen
20:31
my trading
20:34
philosophy
20:34
is that
20:35
I will
20:36
never get
20:37
out
20:37
at the
20:38
maximum
20:38
profit
20:39
potential
20:40
ever
20:40
and that
20:42
is the
20:42
only reason
20:43
why
20:43
I am still
20:44
running this
20:45
position
20:45
not
20:45
actually
20:46
that would
20:46
be disastrous
20:47
if I still
20:47
running it
20:47
because
20:48
that was
20:48
in 29,000
20:49
but in this
20:50
case
20:50
where did
20:51
I get
20:51
out
20:52
did I
20:52
get out
20:52
at the
20:53
absolute
20:53
maximum
20:54
profit
20:54
potential
20:55
no I
20:56
most certainly
20:56
did not
20:57
now
20:57
it's come
20:58
to the
20:58
point
20:58
where I
20:59
probably
20:59
need
20:59
to take
20:59
a break
21:00
so I
21:01
think
21:01
I'd like
21:02
to do
21:02
that
21:02
with this
21:03
slide
21:03
here
21:03
and then
21:04
we'll
21:05
carry on
21:05
after the
21:06
break
21:06
the
21:07
mental
21:07
foundation
21:08
for
21:08
profitable
21:09
trading
21:09
is
21:09
are you
21:10
prepared
21:11
to do
21:11
what the
21:12
90%
21:13
are not
21:14
doing
21:14
and of
21:14
course
21:15
the answer
21:15
is yeah
21:15
of course
21:16
I'm prepared
21:16
to do
21:16
I'll do
21:17
anything
21:17
for profit
21:17
but actually
21:18
you don't
21:18
really
21:19
fully
21:20
understand
21:20
what is
21:21
required
21:21
it takes
21:24
a lot
21:24
of introspection
21:25
which I'll
21:26
cover in
21:26
the second
21:26
half
21:27
but I am
21:29
aware
21:29
of my
21:29
worst
21:30
habits
21:31
I am
21:31
aware
21:32
of my
21:32
weaknesses
21:32
and I
21:34
have a
21:34
routine
21:34
to counteract
21:35
those
21:36
I am
21:38
constantly
21:39
pushing
21:40
myself
21:40
you never
21:41
get to
21:42
trade
21:42
100
21:43
200
21:44
300
21:44
pounds
21:45
a point
21:45
unless
21:46
you
21:46
constantly
21:47
push
21:48
the
21:48
envelope
21:49
there are
21:50
some people
21:50
in here
21:51
who are
21:51
well past
21:52
50 years
21:53
old
21:53
including
21:53
myself
21:54
now
21:55
interesting
21:56
story to
21:56
set you
21:57
off
21:57
for
21:59
your
22:00
dinner
22:00
I assume
22:03
most people
22:03
in here
22:04
have a
22:04
driver's
22:04
license
22:05
and I
22:05
assume
22:06
that many
22:06
people
22:06
in here
22:07
have
22:07
driven
22:08
for
22:08
many
22:08
years
22:08
and we
22:10
all consider
22:11
ourselves
22:11
good
22:11
drivers
22:12
and I
22:14
thought I
22:14
was a
22:15
good
22:15
driver
22:15
I mean
22:15
I've been
22:16
driving
22:16
since I
22:16
was 17
22:17
which is
22:17
a miracle
22:18
because you're
22:18
not allowed
22:19
in Denmark
22:19
to drive
22:19
until you're
22:20
18
22:20
don't ask
22:21
me how
22:21
but that's
22:22
the fact
22:22
and now
22:23
I'm 50
22:24
and so
22:24
I've been
22:24
trading
22:25
I'm sorry
22:25
I've been
22:25
driving for
22:26
what
22:27
32 years
22:28
33 years
22:29
and then
22:30
a friend
22:30
of mine
22:30
decided
22:31
he wanted
22:31
to give
22:32
me a
22:32
present
22:32
for my
22:33
birthday
22:33
it was one
22:34
of those
22:34
red letter
22:35
days
22:35
where you
22:36
go out
22:36
on a
22:36
race
22:36
course
22:37
it could
22:37
have been
22:38
any
22:38
red letter
22:38
could have
22:38
been
22:38
anything
22:39
but this
22:39
was
22:39
you get
22:40
to drive
22:40
some
22:41
very fast
22:41
cars
22:42
and then
22:43
I realized
22:44
just how
22:45
bad
22:46
a driver
22:46
I am
22:47
because
22:48
when it
22:49
really is
22:50
a matter
22:50
of putting
22:50
what do
22:51
you say
22:51
in England
22:52
pedal
22:53
to the
22:53
metal
22:54
is that
22:55
the right
22:56
saying
22:56
when you
22:57
really do
22:57
press that
22:58
accelerator
22:59
and you're
22:59
not just
22:59
driving
23:00
straight ahead
23:00
down the
23:01
M6
23:01
but you
23:02
have
23:02
twists and
23:02
turns
23:03
that's
23:04
when you
23:04
know how
23:05
bad a
23:05
driver you
23:06
truly are
23:07
so we
23:08
can do
23:08
something
23:08
for 30
23:09
years
23:09
without
23:10
actually
23:10
being
23:10
particularly
23:11
good at
23:12
it
23:12
and you
23:13
can continue
23:14
down this
23:14
path of
23:15
trading
23:15
for the
23:16
next 30
23:16
years
23:17
but there
23:18
is an
23:19
enormously
23:20
high
23:20
probability
23:21
that you're
23:22
never going
23:23
to fulfill
23:24
your maximum
23:25
potential
23:25
unless you
23:26
begin to
23:27
shall I say
23:29
stop staring
23:30
so much
23:30
at the chart
23:31
and begin
23:32
to cultivate
23:32
a very
23:33
different
23:33
mindset
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